The IFAC Update provides summaries of IFAC developments over the past month.

IFAC SEEKS NOMINATIONS FOR 2009 BOARDS AND COMMITTEES

IFAC has issued its 2009 Call for Nominations for the position of IFAC Deputy President and for members of its boards and committees. IFAC member bodies and, in some instances, members of the Forum of Firms (through the Transnational Auditors Committee) and members of the public may nominate candidates by April 15, 2008 using the online Candidate Information System. IFAC has also developed a new guide, entitled Developing a Nominations Strategy: A Companion Guide to the Call for Nominations for IFAC Boards and Committees, which includes information on how to assess the needs of each board and committee, how to pre-qualify prospective candidates and how to prioritize the skills, strengths and attributes of the candidates. For more information, visit: http://www.ifac.org/NominatingCommittee/.

IFAC RELEASES FINANCIAL REPORTING SUPPLY CHAIN REPORT

IFAC has released a new report, entitled Financial Reporting Supply Chain: Current Perspectives and Directions, that examines where there have been improvements in the financial reporting process and where there is need for further changes. The report was based on an independent global survey and interviews conducted in 2007 of participants in the financial reporting supply chain. Findings show that while significant improvements in the financial reporting process have been made, the financial reports could be more useful. The report is available from the Financial Reporting Supply Chain Project home page (http://www.ifac.org/frsc). Comments and feedback are welcomed and may be submitted through this web page.


IFAC LAUNCHES PROJECT ON BUSINESS REPORTING

As a follow-up to the Financial Reporting Supply Chain project, the IFAC Board has approved a new project that will analyze actions being taken to address the suitability of business reporting and identify areas for future development. This project will build on the findings of the Financial Reporting Supply Chain report to develop specific recommendations for further action. Charles Tilley, the Chief Executive of The Chartered Institute of Management Accountants, will be chairing the project.  

IAASB RELEASES 2007 ANNUAL REPORT

The International Auditing and Assurance Standards Board (IAASB) has released its 2007 annual report, which highlights its work in enhancing the clarity of international standards and notes progress in achieving global convergence to international auditing standards. The report also details the IAASB's consultation and outreach program and offers a preview of its proposed future strategy. The 2007 IAASB annual report can be downloaded from its home page at http://www.iaasb.org. Print copies will be available later in March, and may be obtained by sending an email with your mailing address and the quantity desired to pr@ifac.org.

NEW STANDARD ON ACCOUNTING ESTIMATES AND FAIR VALUES

The IAASB has issued a new standard designed to enhance the requirements for the audit of accounting estimates, including fair value accounting estimates. International Standard on Auditing (ISA) 540 (Revised and Redrafted), Auditing Accounting Estimates, Including Fair Value Accounting Estimates, and Related Disclosures, deals with the auditor's attention to high risk areas, accounting judgment, and possible bias, and it assists the auditor in forming appropriate conclusions about the reasonableness of estimates. In addition, the IAASB has established a task force to explore whether and how to develop further fair value auditing guidance to supplement ISA 540 (Revised and Redrafted). The standard can be downloaded free-of-charge from the IFAC online bookstore at http://www.ifac.org/store.

IPSASB FURTHERS CONVERGENCE WITH IFRSs

The International Public Sector Accounting Standards Board (IPSASB) has issued two new standards that represent another step towards its goal of convergence with International Financial Reporting Standards (IFRSs), issued by the International Accounting Standards Board. International Public Sector Accounting Standard (IPSAS) 25, Employee Benefits, sets out disclosure requirements for four categories of employee benefits: short-term employee benefits, post-employment benefits, other long-term employee benefits, and termination benefits. IPSAS, 26 Impairment of Cash-Generating Assets, establishes procedures for a public sector entity to determine whether a cash-generating asset has lost future economic benefit or service potential and to ensure that impairment losses are recognized in its financial reports. The standards can be downloaded from the IFAC bookstore (http://www.ifac.org/store).

ORDER YOUR 2008 HANDBOOKS TODAY

The 2008 edition of the Handbook of International Auditing, Assurance, and Ethics Pronouncements is now available for download free-of-charge from the IFAC bookstore (http://www.ifac.org/store). Print copies of the handbooks can be ordered now, for shipment in late-March, from the bookstore or by calling +1 (212) 471-8722. The 2008 Handbook of International Public Sector Accounting Pronouncements is currently being finalized and will be available for download free-of-charge in March from the bookstore. One copy of each handbook will be sent to each IFAC member and associate.

UPDATES TO THE IFAC WEBSITE ARE UNDERWAY

In February, IFAC integrated a newsfeed into its home page, which features news items on current issues that are relevant to the accountancy profession. The newsfeed includes articles describing international, national and member body initiatives that have been reported in the media. This is one of a number of enhancements that IFAC will be making to its website throughout 2008.  For more information, visit: http://www.ifac.org.

Prepared by IFAC's Communications Department. Contact pr@ifac.org for further information.